Last year, NRIs deposited $150 million in the same month, reflecting their growing confidence in the Indian economy as there is growing evidence of a change in a trend that has seen India's growth path slow from the 2003-19 average of 7 percent. Is transferring. Average for 2021-24 is 8 percent or more.
According to the latest data from the Reserve Bank of India (RBI), the rise in NRI deposits reflects the resilience of the Indian economy.
For NRIs, there are three major deposit schemes in the country – Foreign Currency Non-Resident (Bank) or FCNR (B); Non-Resident External Rupee Account or NRE (RA) and Non-Resident Ordinary (NRO) Deposit Scheme.
In April, NRIs deposited $583 million in the NRE (RA) scheme, followed by $483 million in the FCNR (B) scheme.
During the pandemic, NRI deposits increased from $131 billion to $142 billion.
India's foreign exchange reserves hit new lifetime high of $655.8 billion
Meanwhile, India's foreign exchange reserves rose by $4.3 billion to an all-time high of $655.8 billion, according to the latest RBI data.
India also remains the largest recipient of remittances globally, with an expected 15.2 per cent share in world remittances in 2024.
The increase in foreign exchange reserves reflects the strong fundamentals of the economy and gives more scope to the RBI to stabilize the rupee if it becomes volatile.
According to the latest data from the Reserve Bank of India (RBI), the rise in NRI deposits reflects the resilience of the Indian economy.
For NRIs, there are three major deposit schemes in the country – Foreign Currency Non-Resident (Bank) or FCNR (B); Non-Resident External Rupee Account or NRE (RA) and Non-Resident Ordinary (NRO) Deposit Scheme.
In April, NRIs deposited $583 million in the NRE (RA) scheme, followed by $483 million in the FCNR (B) scheme.
During the pandemic, NRI deposits increased from $131 billion to $142 billion.
India's foreign exchange reserves hit new lifetime high of $655.8 billion
Meanwhile, India's foreign exchange reserves rose by $4.3 billion to an all-time high of $655.8 billion, according to the latest RBI data.
India also remains the largest recipient of remittances globally, with an expected 15.2 per cent share in world remittances in 2024.
The increase in foreign exchange reserves reflects the strong fundamentals of the economy and gives more scope to the RBI to stabilize the rupee if it becomes volatile.
